NIO (NYSE:NIO) Shares Gap Down - Time to Sell?

Nio Inc - (NYSE:NIO - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $7.21, but opened at $6.86. NIO shares last traded at $6.93, with a volume of 20,490,367 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. raised shares of NIO from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Citigroup reduced their price target on NIO from $8.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, September 4th. Wolfe Research assumed coverage on NIO in a research report on Thursday, September 5th. They set a "peer perform" rating on the stock. Finally, Bank of America lifted their target price on shares of NIO from $5.00 to $5.30 and gave the company a "neutral" rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $5.93.

NIO Stock Performance

The firm's 50 day simple moving average is $4.69 and its 200 day simple moving average is $4.71. The firm has a market cap of $11.54 billion, a PE ratio of -3.97 and a beta of 1.82. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71.

NIO (NYSE:NIO - Get Free Report) last posted its earnings results on Thursday, September 5th. The company reported ($2.21) EPS for the quarter, hitting analysts' consensus estimates of ($2.21). NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. The company had revenue of $17.45 billion for the quarter, compared to the consensus estimate of $17.49 billion. During the same period in the previous year, the business earned ($0.51) earnings per share. The firm's revenue for the quarter was up 98.9% on a year-over-year basis. On average, research analysts forecast that Nio Inc - will post -1.37 EPS for the current fiscal year.

Institutional Trading of NIO

A number of large investors have recently made changes to their positions in the business. Point72 Asset Management L.P. grew its position in NIO by 164.3% in the second quarter. Point72 Asset Management L.P. now owns 6,464,246 shares of the company's stock worth $26,891,000 after acquiring an additional 4,018,659 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of NIO during the 4th quarter valued at approximately $12,361,000. Swedbank AB purchased a new stake in NIO during the 1st quarter valued at $5,343,000. Norges Bank bought a new stake in NIO in the fourth quarter worth $9,652,000. Finally, AMF Tjanstepension AB boosted its stake in NIO by 132.4% during the first quarter. AMF Tjanstepension AB now owns 1,562,200 shares of the company's stock worth $7,030,000 after buying an additional 889,900 shares during the period. 48.55% of the stock is currently owned by institutional investors.

About NIO

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.